LendingClub Customers Rewarded $9.7M For No Hidden Fee Scam

The US Federal Trade Commission “FTC” announced on August 11, 2022, LendingClub Corporation would start sending a second round of payments to nearly 62,000 loan applicants. The online lender failed to comply with its no hidden fee loan guarantee.

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On January 18, 2022, 15,748 customers were rewarded over $10 million for undisclosed fees through an online loan program. Consumers were unknowingly charged fees when approved for loans.

Consumers should expect to receive their payments via PayPal or check. Access the FTC press release here.

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